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Bank of Lake Mills

Lake Mills, WI
01/17/2017
Fine Amount: 
$16,802
Issued by: 

The FDIC has issued a Stipulated Order to the Bank of Lake Mills, Lake Mills, Wisconsin, for the payment of a $16,802 civil money penalty for violations of the Flood Disaster Protection Act. The FDIC found that the bank "engaged in a pattern or practice of committing violations of the FDPA and/or the notice requirements under section 1364 of the National Flood Insurance Act of 1968, 42 U.S.C. 4104a, and/or Part 339 of the FDIC’s Rules and Regulations, 12 C.F.R. Part 339 as follows:

  • section 339.3(a) of the FDIC Rules and Regulations, 12 C.F.R. § 339.3(a), by failing to obtain flood insurance on a building securing a designated loan at the time of the origination of eight (8) loans;
  • section 339.7 of the FDIC Rules and Regulations, 12 C.F.R. § 339.7, by failing to follow force placement flood insurance procedures for two (2) loans; and
  • section 339.9(a) of the FDIC Rules and Regulations, 12 C.F.R. § 339.9(a), by failing to provide to borrowers a Notice of Special Flood Hazard and Availability of Federal Disaster Relief Assistance on eight (8) loans.

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